Cryptocurrency exchange Binance has signed a Memorandum of Understanding (MoU) to acquire Sim;paul Investimentos, which is authorized by Brazilian Securities.
Sim;paul is a traditional brokerage operator authorized by both the Central Bank of Brazil and the Securities and Exchange Commission (CVM).
Binance stated in its announcement that the agreement also requires the approval of regulatory authorities.
Binance suspended trading of futures contracts on its Brazilian platform in August to comply with local regulations.
Binance CEO Changpeng Zhao said:
“In a rapidly evolving market like Brazil, crypto can transform and facilitate people’s lives and therefore – in full cooperation with local authorities. – We believe Binance has a lot to contribute to improving the community and ecosystem in Brazil”
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